Fortiro provides automated document ingestion and real-time fraud detection for payslips and bank statements, utilizing advanced verification tools to enhance accuracy. This technology reduces application processing time from hours to 30 seconds, significantly lowering fraud losses and operational costs for financial institutions.
Funding
$2.5M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Financial institutions face challenges in efficiently processing income documents like payslips and bank statements, leading to lengthy application processing times. Manual document reviews are also prone to human error, increasing the risk of fraud and financial losses.
Solution
Fortiro offers an AI-powered platform that automates the ingestion, verification, and fraud detection of financial documents in real-time. The platform reduces application processing times from hours to seconds by automatically extracting and verifying income and expense data. Fortiro's technology checks documents for inconsistencies and anomalies, enabling financial institutions to detect fraudulent applications, reduce fraud losses, and lower operational costs associated with manual reviews. The platform's automated fraud detection capabilities proactively identify and prevent fraudulent applications, safeguarding both the institution and the wider banking network.
Target Audience
Fortiro primarily serves financial institutions, including banks, lenders, and mortgage providers, seeking to automate document processing, reduce fraud, and improve efficiency.
Features
- Automated document ingestion and data extraction from payslips, bank statements, and other financial documents
- Real-time fraud detection using AI and machine learning algorithms
- Automated income and expense verification
- Rule-based anomaly detection to identify suspicious patterns and inconsistencies
- Secure data storage and transmission
- API integration with existing loan origination systems and other financial platforms
- Document redaction capabilities to automatically remove sensitive information